The Company is pleased to announce that it will raise $150,000 by way of a private placement of 750,000 units at a price of $0.20 per unit. Each unit consists of one share and one-half of a non-transferable warrant with one whole warrant entitling the holder to purchase one common share at a price of $0.20 per share in the first year and $0.25 per share in the second year. The subscription proceeds will be used for mineral exploration and corporate and administrative expenses. This private placement replaces the private placement announced by the Company on April 27, 2000 and is subject to acceptance for filing by the Canadian Venture Exchange.

The Company also announces that following Exchange acceptance of the reduction of the exercise price of 351,500 warrants originally issued on June 18, 1998 from $0.50 to $0.20 per share, 351,500 warrants are being exercised for gross proceeds of $70,300. These funds will also be used for mineral exploration and corporate and administrative expenses.


GGL DIAMOND CORP.

Raymond A. Hrkac
President


For more information contact Susan de Stein, Corporate Relations at (604) 689-8801, or info@gerle.com.

The Canadian Venture Exchange has not reviewed and does no accept responsibility for the adequacy or accuracy of this release.